Important Questions for CBSE Class 12 Accountancy – Chapter-Wise Guide with Formulas
Are you looking for Important Questions for CBSE Class 12 Accountancy to make your board exam revision easier? You are on the right page. CBSE Class 12 Accountancy is a subject where scoring full marks is possible if you understand the format of questions asked from each chapter. This guide gives you a complete, chapter-wise breakdown of important topics, unit-wise weightage, and the key formulas that are asked most often in the CBSE board exam.
Every year, students search for CBSE Class 12 Accountancy important questions while preparing for their final exams, since this subject involves a lot of practical, numerical-based questions. Whether it is Accounting for Not-for-Profit Organisations, Partnership Fundamentals, Reconstitution of Partnership, Dissolution of Partnership Firm, Company Accounts, or Financial Statement Analysis, this page covers the high-weightage questions that repeat every year in previous papers and CBSE sample papers.
Accountancy is a practice-based subject, and students who solve numerical problems regularly score better than those who only read theory. By focusing on important questions for Class 12 Accountancy, you save revision time and target the chapters that carry maximum marks. This guide also includes simple formula tables for quick revision before the exam. Read on to know which chapters need more attention and how to score full marks in CBSE Class 12 Accountancy.
Download Chapter-wise Important Questions PDF for CBSE Class 12 Accountancy
Why Practicing Important Questions Helps in Accountancy
CBSE Class 12 Accountancy paper is largely numerical and format-driven, which means the same type of adjustment entries, ledger accounts, and journal entries appear year after year with different figures. Practising important questions for Class 12 Accountancy helps students remember the correct format of accounts, avoid common calculation errors, and manage time better during the exam, since accountancy papers require neat presentation along with accurate answers.
Unit-Wise Weightage in CBSE Class 12 Accountancy
Understanding the marks distribution helps students plan revision priorities for the last few weeks before the exam.
Part / Unit / Chapters Covered | Approx. Marks |
Part A – Accounting for Not-for-Profit Organisations | 10 |
Part A – Partnership Firms (Fundamentals, Reconstitution, Dissolution) | 35 |
Part A – Accounting for Companies (Share Capital, Debentures) | 15 |
Part B – Analysis of Financial Statements | 12 |
Part B – Ratio Analysis | 12 |
Part B – Cash Flow Statement | 6 |
Accounting for Not-for-Profit Organisations – Important Questions
This chapter tests whether a student can prepare a Receipts and Payments Account, an Income and Expenditure Account, and a Balance Sheet from incomplete records of clubs, schools, or hospitals. Important questions frequently ask students to calculate subscription income, treat entrance fees or life membership fees correctly, and adjust for outstanding and prepaid items.
Concept | Formula / Treatment |
Subscription for the Year | Received + Outstanding (current) − Outstanding (previous) − Advance (current) + Advance (previous) |
Capital Fund | Total Assets − Total Liabilities |
Surplus/Deficit | Income and Expenditure A/c Balance |
Entrance Fees / Life Membership | Treated as Capital Receipt (added to Capital Fund) unless stated otherwise |
Partnership Fundamentals – Important Questions
Partnership Fundamentals covers profit distribution among partners as per the Partnership Deed, including interest on capital, interest on drawings, partner's salary, and commission. Important questions usually ask students to prepare the Profit and Loss Appropriation Account and Partners' Capital Accounts under both fixed and fluctuating capital methods. Before Solving the Important Questions one must solve NCERT solutions with the help of NCERT solutions for Class 12.
Concept | Formula |
Interest on Capital | Capital × Rate × Time / 100 |
Interest on Drawings (Product Method) | Total of Products × Rate × 1/12 |
Guarantee of Minimum Profit | Deficiency borne by remaining partners in their profit-sharing ratio |
Fixed Capital Method | Capital Account remains fixed; adjustments go to Current Account |
Reconstitution of Partnership – Important Questions
This is one of the highest-weightage topics and includes admission of a partner, retirement/death of a partner, and a change in profit-sharing ratio. Important questions test the calculation of the new profit-sharing ratio, the sacrificing ratio, the gaining ratio, and treatment of goodwill, the revaluation of assets and liabilities, and accumulated reserves.
Concept | Formula |
Sacrificing Ratio | Old Ratio − New Ratio |
Gaining Ratio | New Ratio − Old Ratio |
Goodwill (Average Profit Method) | Average Profit × Number of Years' Purchase |
Goodwill (Super Profit Method) | Super Profit × Number of Years' Purchase |
Super Profit | Average Profit − Normal Profit |
Dissolution of Partnership Firm – Important Questions
Dissolution of a Partnership Firm questions ask students to prepare the Realisation Account, Partners' Capital Accounts, and the Cash/Bank Account after closing the firm's books. Common important questions cover treatment of unrecorded assets and liabilities, dissolution expenses, and the case where a partner becomes insolvent.
Concept | Treatment |
Realisation Account | Records sale of assets and settlement of liabilities |
Unrecorded Asset Realised | Credited to Realisation Account |
Unrecorded Liability Paid | Debited to Realisation Account |
Insolvent Partner's Deficiency | Borne by solvent partners as per Garner vs. Murray rule (in capital ratio) |
Accounting for Companies – Important Questions
This unit covers the issue of Shares and the issue of Debentures. Important questions test journal entries for shares issued at par, at premium, or at discount, along with forfeiture and reissue of forfeited shares. Debenture questions focus on issue, writing off discount, and redemption.
Concept | Formula |
Securities Premium | Issue Price − Face Value (when issued above par) |
Calls-in-Arrears | Amount called up but not received from shareholders |
Amount Forfeited (Reissue Profit) | Amount received on forfeited shares before reissue |
Minimum Subscription | 90% of the issued amount (as per Companies Act provisions) |
Analysis of Financial Statements – Important Questions
This chapter from Part B asks students to classify items in the Balance Sheet as per Schedule III, and prepare a Comparative Statement and Common Size Statement. Important questions test the correct grouping of assets and liabilities under the company format.
Concept | Formula |
Comparative Statement (Change %) | (Current Year − Previous Year) / Previous Year × 100 |
Common Size Statement (%) | (Item Value / Base Value) × 100 |
Current Assets Order | Cash, Cash Equivalents, Inventories, Trade Receivables (as per Schedule III) |
Ratio Analysis – Important Questions
Ratio Analysis is one of the most scoring chapters in Part B, since ratios follow fixed formulas. Important questions ask students to calculate liquidity ratios, solvency ratios, activity ratios, and profitability ratios from a given Balance Sheet and Statement of Profit and Loss.
Ratio | Formula |
Current Ratio | Current Assets / Current Liabilities |
Quick Ratio | Quick Assets / Current Liabilities |
Debt-Equity Ratio | Long-Term Debt / Shareholders' Funds |
Gross Profit Ratio | (Gross Profit / Net Sales) × 100 |
Net Profit Ratio | (Net Profit / Net Sales) × 100 |
Inventory Turnover Ratio | Cost of Revenue from Operations / Average Inventory |
Cash Flow Statement – Important Questions
Cash Flow Statement questions test the classification of cash flows into Operating, Investing, and Financing Activities as per AS-3. Important questions commonly ask students to calculate cash flow from operating activities using the indirect method, which requires adjusting net profit for non-cash and non-operating items.
Activity Type | Examples |
Operating Activities | Cash from sale of goods, payment to suppliers, tax paid |
Investing Activities | Purchase/sale of fixed assets, investments |
Financing Activities | Issue of shares/debentures, repayment of loans, dividend paid |
Preparation Tips for CBSE Class 12 Accountancy
Practice at least five years of previous CBSE Class 12 Accountancy question papers, since the format of journal entries and ledger accounts repeats every year. Keep the formats of Profit and Loss Appropriation Account, Realisation Account, and Balance Sheet under Schedule III ready by heart. Revise all ratio formulas from Ratio Analysis thoroughly, since this chapter offers quick and guaranteed marks if formulas are correct.
Final Words
Preparing with important questions for CBSE Class 12 Accountancy helps students focus on high-weightage chapters like Partnership Reconstitution, Company Accounts, and Ratio Analysis instead of spreading revision time equally across the syllabus. Use the chapter-wise breakdown, formula tables, and weightage list above to plan your final revision. For more chapter-wise notes and subject guides for CBSE Class 12, keep following MyClass24